Crypto Firm Bakkt Delists Tokens as Regulatory Pressures Mount

Bakkt, the new owner of a crypto custody and clearing provider that helps fintech companies like Public.com and Webull offer crypto trading, is removing support for 25 of the 36 tokens it offers, a spokesperson confirmed.

The decision, which impacts popular tokens like uniswap and avalanche, marks the latest example of companies pulling back on crypto products in the U.S. as regulators closely scrutinize the industry. Securities and Exchange Commission Chair Gary Gensler has argued that most crypto tokens trade as securities, and the SEC has been ramping up enforcement actions related to securities violations against exchanges and other crypto companies.